-
Related
Those who fear or hope for a common currency across Asia and embracing New Zealand should not think it is going to happen very quickly if it ever happens at all, Prime Minister John Key says.
Key is in the Thai seaside resort of Hua Hin to attend this weekend's East Asia Summit which brings together the 10 southeast Asian nations under the Asean (Association of South East Asian Nations) banner as well as China, India, Korea, Japan, Australia and New Zealand
On the agenda is a push by some countries to create a pan-Asia trading bloc to rival and eventually eclipse the European Union.
Japan has even been talking about an Asian currency, but Key said that was not realistic in the short term and was probably more of a sign of an appetite for broader regional consensus and progress on more mundane but important issues such as trade barriers.
"There would be tremendous challenges that you would have to confront, not the least in the case of some of the currencies they are not convertible. I think what you are seeing is.. a general recognition that this is a very powerful and growing part of the world and greater co-operation and co-ordination is in the best interests of the region," Key said.
"Talk or consideration of currency is the very last thing we need to consider. There is a lot of progress that can be made around regulatory integration, behind the border regulation, trade access those more mundane but nevertheless very important issues."
Key said he was pleased to get to the summit, which has been postponed twice due to internal political protests in Thailand.
There are more than 18,000 soldiers and police at the seaside resort of Hua Hin, south of Bangkok, to ensure the event is not disrupted.
Thailand's Government and army were embarrassed when protests disrupted the last attempt to host the summit in April.
Security forces seemed unable or unwilling to stop opponents of the current Thai Government from smashing their way into venue and forcing many Asian leaders to be airlifted out of the area.
Key did not even get out of Bangkok airport and said it was very pleasing that he was able to make it to Thailand.
After attending the summit over the weekend, Key travels to Malaysia for the signing of a trade deal with that country and then on to Japan for talks with the new government there and a series of business and tourism promotions.
He returns to New Zealand on November 2 after attending the Bledisloe Cup rugby match against Australia, which is being played in Tokyo.
